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Governor Phil Murphy Sees Huge Profit Margin in High Energy Prices for State Finances
TRENTON, NJ – New Jersey’s government bank accounts are about to see a huge increase in tax revenue collected from anyone who pays an electric bill, thanks to a 20% price hike…
Regions Financial’s quarterly profit meets estimates on net interest income boost
(Reuters) – Regions Financial’s second-quarter profit met Wall Street estimates on Friday, as higher interest income offset the drag from bigger provisions. Lenders have earned more in interest income, thanks to a…
Mexico’s Banorte posts profit boost on insurance, trading units
By Carolina Pulice and Kylie Madry MEXICO CITY (Reuters) – Mexico’s Grupo Financiero Banorte reported on Thursday a 14% increase in second-quarter net profit, hitting 13.09 billion pesos ($764.68 million) on better…
Capital One Financial beats profit estimates on higher interest income
(Reuters) – Consumer lender Capital One Financial reported a second-quarter profit on Thursday that beat analysts’ estimates, helped by higher income from borrowers following a rise in benchmark lending rates. The U.S.…
Marsh McLennan beats Q2 profit estimates on interest income boost
(Reuters) – Marsh McLennan reported second-quarter profit above expectations on Thursday, bolstered by the higher interest the company earned from client funds. The company reported a profit of $2.20 per share, excluding…
KeyCorp second-quarter profit halves on higher loan loss provisions
(Reuters) – KeyCorp reported on Thursday a bigger-than-expected 50% fall in quarterly profit, as it set aside more rainy day funds amid growing economic uncertainties. Shares of the company fell nearly 3%…
Snap-on’s profit beats Street estimates on healthy aftermarket business
(Reuters) – Toolmaker Snap-on Inc beat Wall Street estimates for second-quarter profit on Thursday, powered by healthy demand for its repair tools and equipment from automotive and industrial customers. Snap-on, which caters…
Fifth Third Bancorp tops profit estimates on strong interest income
(Reuters) – Fifth Third Bancorp on Thursday posted a better-than-expected second-quarter profit, as interest rate hikes by the U.S. central bank boosted its interest income. On an adjusted basis, the Ohio-based bank…
Discover Financial shares sink after profit miss, buyback pause
By Sinéad Carew (Reuters) – Shares in Discover Financial Services tumbled more than 13% in after-hours trading on Wednesday after its quarterly earnings fell short of expectations and it announced a share…
Atlas Copco posts Q2 profit beat, but sees slowing demand
(Reuters) -Swedish industrials group Atlas Copco on Wednesday reported second-quarter operating profit that beat market forecasts, but said demand was expected to weaken in the near term, sending its shares lower. Operating…
Brazil motor maker WEG posts Q2 net profit up 50%
SAO PAULO (Reuters) – Brazilian motor maker WEG SA reported a 50% jump in net profit, saying that “good demand” in the main regions where it operates helped it post positive figures.…
M&T Bank beats profit estimates as higher rates boost interest income
(Reuters) – M&T Bank Corporation beat Wall Street estimates for second-quarter profit on Wednesday, as the U.S. Federal Reserve’s rapid rate hikes to tame inflation boosted the lender’s interest income. Most consumer-facing…
Citizens Financial beats second-quarter profit estimates on interest income boost
(Reuters) – Citizens Financial Group reported a second-quarter profit that beat Wall Street estimates as lenders’ net interest income rose in a high-interest-rate environment. The upbeat results follow a tumultuous first quarter…
J.B. Hunt misses profit, revenue estimates hit by weak freight volumes
(Reuters) – U.S. trucking firm J.B. Hunt Transport Services Inc missed Wall Street estimates for quarterly profit on Tuesday, hit by declining freight volumes as high inflation dented consumer spending. Shares of…
Mining gear maker Epiroc upbeat on outlook after profit jump
By Marie Mannes STOCKHOLM (Reuters) -Swedish mining equipment maker Epiroc expects to benefit from continuing high demand in the near term, it said on Tuesday as it posted better than forecast quarterly…
BNY Mellon beats second-quarter profit estimates on higher rates
(Reuters) – Bank of New York Mellon Corp beat Wall Street targets for second-quarter profit on Tuesday as the U.S. Federal Reserve’s aggressive policy tightening boosted income earned from interest payments on…
Tesla discounts set to power quarterly revenue growth, hit profit
By Akash Sriram (Reuters) – Tesla’s strategy to boost sales through price cuts is likely to have powered its strongest revenue growth in five quarters while dragging down margins to a three-year…
State Street beats profit estimates as interest income rises
(Reuters) – State Street Corp on Friday beat profit estimates for the second quarter as the bank’s interest income benefited from the U.S. Federal Reserve’s policy tightening and assets under management rose…
China’s BYD says H1 net profit could more than triple
HONG KONG (Reuters) – Chinese electric vehicle giant BYD Co LTD forecast strong growth in its six-month net profit on Friday, buoyed by robust car sales and increased market share. Net profit…
Uniqlo parent’s profit seen soaring to a Q3 record on China recovery
By Rocky Swift TOKYO (Reuters) – The Japanese operator of apparel retailer Uniqlo is expected by analysts to post a 25% jump in profit to a third-quarter record on Thursday, when the…
Daimler Truck raises 2023 guidance for revenue, profit
BERLIN (Reuters) -Daimler Truck has raised its profit and revenue guidance due to an easing of supply chain constraints, stronger demand in its core markets and the after-sales business, the company said…
Bottler Coca-Cola HBC lifts full-year profit expectation
(Reuters) -Bottler Coca-Cola HBC AG raised its 2023 profit expectation on Friday, aided by robust sales and price increases in the first half of the year. The company said it now expects…
BlackBerry reports surprise profit on cybersecurity strength
(Reuters) – BlackBerry posted a surprise profit for the first quarter on Wednesday as its cybersecurity business benefited from higher client spending, while its enterprise software continued to gain traction in automotive…
Delta Air expects full-year profit at higher end of forecast
(Reuters) – Delta Air Lines said on Tuesday it expects full-year profit per share at the high-end of its prior forecast on sustained travel demand. The company earlier said it expects to…
Aston Martin aims to hit adjusted profit, revenue targets by 2024-25, says FT
(Reuters) -Aston Martin Lagonda has forecast it would hit targets of 500 million pounds ($635.85 million) in adjusted profit and 2 billon pounds in revenue by 2024-2025, the Financial Times reported on…
Air France-KLM maintenance arm aims for pre-COVID op profit in 2024
PARIS (Reuters) – Air France-KLM’s engineering and maintenance business is targeting a return to 2019 levels of operating profit in 2024, despite higher working capital, Anne Brachet, EVP of the division, said…
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